PM Modi announces Line of Credit of $1 bn for Russian Far East, says India aims to build $5 trillion economy by 2024

ZeeBiz WebTeam | Sep 05, 2019, 07:17 PM IST

Prime Minister Narendra Modi today asserted that India is building a `new India` which aims at achieving the target of $5 trillion economy by 2024, while sharing the dais with Russian President Vladimir Putin and counterparts of other countries at the 5th Eastern Economic Forum (EEF), where he was invited as a chief guest by President Putin. The Prime Minister, who is on a two-day visit to Russia, held bilateral talks with the Russian President on Wednesday, said "In India also we are building a new India on the `mantra` of `sabka saath sabka vikas`. We are aiming to be $ 5 trillion economy by 2024." 

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While addressing the Eastern Economic Forum (EEF) at Vladivostok (Russia) as the Chief Guest, Prime Minister Narendra Modi today announced a Line of Credit (LoC) of $1 billion for Russia`s Far East region, while expressing commitment to work with Russia in all areas for mutual development and progress. In a first-of-its kind move, Modi said that India will actively contribute to ensure the success of Russian President Vladimir Putin`s vision of developing the Far East region. Image Source: Reuters

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Modi said that around 50 agreements have already been signed between the two sides since Wednesday, which will convert into investments worth billions of dollars. He spoke about India`s `Act East` policy for developing relations with East Asian nations, in the presence of Putin, Japanese Prime Minister Shinzo Abe, Malaysian Prime Minister Mahathir Mohamed and Mongolian President Khaltmaagiin Battulga, and added that it got a new dimension today by turning into `Act Far East` policy. Image Source: ANI

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The Indian Prime Minister said, "This new dimension will help in our economic diplomacy," adding that he saw "unlimited opportunities" in the energy and mineral rich Russian Far East. "We will become active participants in the development and progress of Russia`s Far East, a vision being pursued by my close friend Putin," he said. Image Source: ANI

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While announcing the LoC of $1 billion, Modi said it was the first time that India was doing so for any region of a country, adding India has been offering LoC to various countries. The Prime Minister said that India has identified areas like energy, health, mining and timber for investments in the Russian Far East, which has huge potential. Image Source: ANI

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Modi said his government made "unprecedented preparations" in the run up to the EEF and mentioned the recent visit to the region by a 150-member delegation led by Commerce and Industry Minister Piyush Goyal and comprising four Chief Ministers, while underlining the importance India is giving to Putin`s vision for the Far East. He added that the delegation held talks with Governors of all the 11 provinces of the Far East, which yielded "good results". Image Source: Reuters

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Meanwhile, Russia has joined India in condemning "double standards" in countering terrorism and extremism and "use of terrorist groups for political ends", a statement that assumes significance in the context of India which is faced with such a menace emanating from Pakistan. A joint statement issued a day after talks between Prime Minister Narendra Modi and Russian President Vladimir Putin said the two leaders strongly condemned terrorism in all its forms and manifestations and called on the international community to set up a united front to fight against this evil. Image Source: Reuters

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The two leaders also appreciated the level of interaction between the two countries on cooperation in the field of security in the use of information and communication technologies, including at multilateral specialized negotiating platforms, primarily at the UN. "It was noted that based on the outcomes of the 73rd session of the UNGA, a set of international rules, norms and principles of responsible behaviour of States has been adopted by the UN General Assembly in December 2018, and a wide discussion on information and communication technologies (ICTs) security including countering the use of ICT for criminal purposes has been launched," the statement said. Image Source: ANI

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In a major development, India and Russia also decided to work towards creation of an institutional arrangement for reciprocal logistics support for their armed forces as part of upgradation of the bilateral defence cooperation. The joint statement described the close bilateral cooperation in military and military-technical fields as "pillar" of the Special and Privileged Strategic Partnership, adding that the two sides agreed on collaborative development and production of military equipment and regular joint exercises of the armed forces of the two countries. Image Source: ANI

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India and Japan will have their first `2+2` ministerial meeting before the visit of Japanese Prime Minister Shinzo Abe to India in December for the annual summit, as Prime Minister Narendra Modi and Abe met here today on the sidelines of the Eastern Economic Forum (EEF). The `2+2` is a format where Foreign Ministers and Defence Ministers of the two countries have a joint meeting to discuss strategic issues. They also discussed issues related to Regional Comprehensive Economic Partnership (RCEP), a proposed free trade agreement (FTA) among 10 member states of the Association of Southeast Asian Nations (ASEAN) and its six partners -- India, China, Japan, South Korea, Australia and New Zealand. Image Source: IANS

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On the sidelines of his Eastern Economic Forum (EEF) in Vladivostok today, Prime Minister Narendra Modi held a number of bilateral meetings. During his bilateral meeting with his Malaysian counterpart Mahathir Mohamad, Modi reportedly raised the issue of extradition of Zakir Naik. Modi also explained to the Malaysian leader the reasons behind the abrogation of Article 370 in Jammu and Kashmir, IANS report said, adding that India also held bilaterals with Mangolia on a wide ranging issues, including the country's stand on the abrogation of Article 370 in Jammu and Kashmir. Image Source: IANS